LAW 603 Lecture Notes - Lecture 24: Debenture

• School: Ryerson University
• Department: Law and Business
• Course: LAW 603
• Professor: Gil Lan

Document Summary

Part 1 regulations of bankruptcy: federal jurisdiction, bankruptcy & insolvency act (bia) Bank, insurance companies, trust companies or railways dealt with under separate statues. Part 2 bankruptcy & insolvency laws: bia. Allows debtors to seek a stay of all claims pending the acceptance of a reorganization plan that restructures the debyd of debtor"s business. Under ccaa you cannot go in a seize even if they have a pmsi: federal winding-up and restructuring act. Applies to liquidation of federally incorporated companies, banks, insurance companies: n. b. Perfected security interest holders can still take because it trumps the bankruptcy & insolvency act ( bia): bia prevails over provincial laws in the event of conflict. Employment standards act purports to give to unpaid wages over all other claims - but bia governs therefore sc have priority (federal jurisdiction) Insolvency inability to meet financial obligations as they become due ( not necessarily bankruptcy)